New car help!

iaind · 5 Jun 2016 at 10:17

2.9 is good, but did you not read what I was saying above about how important the GFV Is? You weren't entirely sure what that payment was when I asked

[TW]Fox · 5 Jun 2016 at 10:27

Edit: Actually this is more complex to work out because of the GFV thing

iaind · 5 Jun 2016 at 10:32

Isn't that what I was saying?

[TW]Fox · 5 Jun 2016 at 10:33

I'd typed out a huge bunch of calculations which I've now edited, I wasn't replying to you

iaind · 5 Jun 2016 at 10:41

Ah fair enough, thought I might have been going crazy

Yeah until we know the GFV (see post 26) for sure then it could either be a great deal or a terrible one. At the moment if you assume that the GFV Is exactly what the car is worth at the end - eg no equity - then it's a lot more expensive than the lease.

If it is 11k then the total cost is 25.5k

[TW]Fox · 5 Jun 2016 at 10:47

I'm going to say it's £9200...

(Provided it truly is 2.9% APR)

iaind · 5 Jun 2016 at 11:05

Skoda website shows GFV of 11k for the 230vrs on a 42month 2.9 PCP offer

[TW]Fox · 5 Jun 2016 at 11:07

I was calculating it based on 48 months, so there is some of the difference.

ARION · 5 Jun 2016 at 11:25

OK I have the exact details:

Duration: 42 months
41 monthly payments: £250
Deposit: £6218.70 (which includes £2000 Skoda Contribution).
Retail cash price: £25,842.93
Optional final payment: £10,867.50
Total amount payable: £27,346
Representative APR: 2.8%
Rate of interest: 2.82% fixed

**edit**

This also includes an additional £500 contribution off the headline price.

ARION · 5 Jun 2016 at 12:18

I just don't understand this finance stuff whatsoever, been trying to compare it to a lease but my calculations end up gibberish!

Kenai · 5 Jun 2016 at 13:06

As I see it, you either buy the car for 27k all in or you have it for just 3 and a half years, pay 16k over that time and hand it back. Maybe getting some cash back if it happens to be worth more than 11k.

Personally that seems absolutely loopy to me.

I'd suggest you ensure you have a very confident understanding of this finance stuff before you sign away on a £27,000 agreement.

ARION · 5 Jun 2016 at 13:09

Cheers, this is exactly why I am asking what is the better deal, the lease or what I have been offered on PCP.

ARION · 5 Jun 2016 at 13:26

Also not sure where your 16k comes from? Its about £14250 over 3.5 years.

LiE · 5 Jun 2016 at 13:42

I think he is including the £2k Skoda contribution.

[TW]Fox · 5 Jun 2016 at 13:44

LiE said:
I think he is including the £2k Skoda contribution.

It's set out confusingly. The Skoda contribution should not be included in the 'Total amount payable' section.

ARION · 5 Jun 2016 at 13:51

That is how they laid it out. What are your initial thought Fox?

ARION · 6 Jun 2016 at 10:45

Quick update:

Decided to go with the lease option, seemed the better deal with free mats, tax, metallic paint.

£2190 down and £238 per month in a 2 year lease 10k miles per year.

grudas · 6 Jun 2016 at 11:18

that sounds much better IMO. You can also jump into a new car after two years

Rilot · 6 Jun 2016 at 11:25

That sounds like a much better deal.

rodenal · 6 Jun 2016 at 11:32

You certainly have more of a guarantee of total cost over the term with the lease. We don't really know how the 230 will hold it's money over the term (vs the standard car), but it's fairly safe to say it will depreciate heavily and probably be a better outright buy at 2 or 3 years old.

The mk3 VRS feels much less like it's got an anchor in the front end than my car so it should be an enjoyable thing to use for a couple of years

Back to the initial worry about the dogs, get yourself a decent full boot liner, rear seat covers and either the Skoda dog guard or custom cages for the boot. The only thing you'll leave behind are the adhesive pads for the liner (which you can remove if it will become an issue)